Revenue of Russian developers decreased compared to 2025

In the first five months of 2026, the total revenue of developers from the sale of residential premises under equity participation agreements in the country amounted to 1.887 trillion rubles, which is 2.6% less than a year earlier, while sales in units, on the contrary, increased slightly — by 2.4%, to 197.3 thousand lots. On June 18, Izvestia was told by analysts of the real estate project "Movement" with reference to data from the Unified Housing Information System (UISWS).

According to their estimates, the primary real estate market is gradually emerging from the phase of high demand, typical for the end of 2025 - early 2026, and is moving to a more even sales model. Developers maintain a high cash turnover, but it is provided not so much by the number of transactions as by the supply structure, price parameters and uneven dynamics of individual local markets.

The dynamics of total revenue for January – May shows that 2026 remains one of the strongest periods for the primary market in the entire available history of observations, although it is inferior to the ultra-high base of 2024-2025.

Against this background, the January–May 2026 result of 1.887 trillion rubles looks like a moderate correction, not a trend reversal. At the same time, sales in kind remain restrained: in the first five months of 2026, 197.3 thousand apartments were sold against 192.6 thousand a year earlier. This means that the market remains stable in terms of money even with lower buyer activity compared to historical peaks.

"The current dynamics fits into the logic of post-emergency cooling. In 2025, the market received a powerful boost due to the announced changes to the family mortgage program and expectations for further adjustments to its terms, which allowed developers to update the historical record for annual revenue of 5.57 trillion rubles and simultaneously increase sales to 584,000 lots," the head of the Movement analytical center told Izvestia.<url>" by Yan Gravshin.

According to analysts, in 2026, consumer activity is no longer showing such pronounced spikes as in the periods before the end or change of preferential programs, so the results are becoming more even by the month, and the contribution of individual metropolitan areas to the overall dynamics is noticeably different.

The most noticeable revenue growth among megacities was recorded in Krasnoyarsk, Chelyabinsk, and Perm. In Krasnoyarsk, the figure increased by 53.3%, to 17.5 billion rubles, in Chelyabinsk — by 49.4%, to 13.0 billion rubles, in Perm — by 44.3%, to 27.8 billion rubles. The cities with the most pronounced growth also included Krasnodar, where revenue increased by 41.1%, to 52.2 billion rubles, and Yekaterinburg— by 35.2%, to 72.9 billion rubles.

Samara, Omsk, Ufa and Nizhny Novgorod also showed strong positive dynamics. In these cities, the growth ranged from 27 to 32%, indicating a fairly active recovery or redistribution of demand in regional centers. St. Petersburg also ends the first half of the year with a significant increase in revenue, by 22.5% to 214.2 billion rubles.

Rostov-on-Don, Volgograd, Voronezh, Novosibirsk, Kazan, and Rostov-on-Don recorded more moderate but still positive growth. In these cities, it ranged from 5 to 14%.

Revenue decreased only in two cities. In Tyumen, the figure decreased by 1.29%, to 34.1 billion rubles, and in Moscow — by 31.87%, to 539.6 billion rubles. Such a deep decline in the capital is largely explained by the high base of last year: Moscow was the one that accumulated the maximum sales volume in previous periods and reacted more strongly to mortgage incentives than other markets.

Commissioning is still there: more than half of housing in Russia is not rented on time

What are the reasons and how are developers trying to solve the problem?

On May 29, Elina Khannanova, Vice President of Sales at Granel Group, mentioned factors that increase the value of an apartment during resale. According to her, it is the location that generates more than half of the apartment's value. In prestigious areas of large cities, housing of a similar size can cost 50-70% more than in the suburbs. Transport accessibility also plays a significant role.